Question 1

What is SYRUP?

Accepted Answer

SYRUP is the native governance token currently used in the Maple ecosystem. It takes over MPL's former governance role: holders can participate in important protocol decisions; MPL and xMPL no longer have governance rights or staking utility in the Maple ecosystem, while SYRUP and stSYRUP are the governance tokens in use. Accordingly, similarly named yield-bearing assets are not the same as SYRUP. SYRUP should be understood primarily through its governance and protocol-token role, rather than as a lending position or yield receipt.

Question 2

What is SYRUP used for, and how does it differ from syrupUSDC and syrupUSDT?

Accepted Answer

SYRUP's direct use is participation in Maple governance; stSYRUP is the staked form of SYRUP, and together they comprise the governance tokens currently used in the ecosystem. Governance rights mean holders can participate in protocol decisions, not that they inherently have a claim on protocol revenue, assets, or fixed returns. SYRUP should also not be confused with syrupUSDC or syrupUSDT. The latter are different, similarly named assets intended for yield use; when reviewing wallet balances, trading pairs, or product terms, holders should confirm each item by token name and contract information.

Question 3

What is the relationship between protocol revenue and SYRUP?

Accepted Answer

Maple states that 25% of protocol revenue is used for SYRUP buybacks. The transmission path is: the protocol first generates revenue, then uses the disclosed share of it to buy back SYRUP on the market; this arrangement is not a pro rata cash distribution to every holder or a fixed-return commitment. The actual impact of buybacks still depends on whether protocol revenue is generated, how buybacks are executed, and tradable supply and demand in the market. Even where a buyback mechanism exists, it does not imply token prices must rise or holders must receive returns.

Question 4

Can MPL and xMPL still be converted or used in Maple?

Accepted Answer

No. The official MPL-to-SYRUP conversion program ended on April 30, 2025 pursuant to MIP-011, and neither MPL nor xMPL can be converted to SYRUP through that program anymore. This change was not simply a renaming: after the conversion was completed, governance rights and staking utility moved to SYRUP/stSYRUP, while MPL and xMPL no longer accrue protocol value and can no longer be used for Maple ecosystem participation. Holding legacy tokens therefore does not automatically create a new SYRUP balance.

Question 5

How was SYRUP supply formed?

Accepted Answer

SYRUP supply was formed through two different components: migration and predetermined issuance. When MIP-010 was implemented, 1 MPL converted into 100 SYRUP; this conversion was a unit conversion, not additional dilution of former MPL holders caused by the conversion itself. At the same time, Maple DAO had previously approved a one-time issuance of 1,000,000 MPL to replenish the treasury, plus a three-year emission arrangement at an annual rate of 5%. After conversion, this planned issuance and emission are both minted in SYRUP: documentation lists about 1 billion tokens for the one-time issuance, 100 million for the initial 10% of the inflation arrangement, and 54.93 million emitted through October 1, 2024. Allocation percentages, minted amounts, and tradable circulating supply are not the same concept.

Question 6

What is stSYRUP, and how are staking rewards determined?

Accepted Answer

stSYRUP is the token form created by staking SYRUP; it is not a separate, independent governance asset. Stakers remain within the SYRUP/stSYRUP governance system, but receiving rewards depends on then-current protocol parameters and governance decisions. Rewards are not a fixed rate. Official information states that rewards vary with the proportion of circulating SYRUP that is staked: all else equal, the share of supply participating in staking affects how the same reward pool is divided among stakers. During the initial 90 days, 5 million SYRUP was distributed linearly; whether distribution continues thereafter and under what conditions remains subject to governance votes.

Question 7

What boundaries should be considered when holding or staking SYRUP?

Accepted Answer

Before holding or staking SYRUP, governance, token supply, and staking-reward boundaries should be understood separately. Governance participation does not guarantee decision outcomes; predetermined issuance affects the supply structure; and staking rewards vary with parameters, staking ratios, and governance decisions, so they should not be treated as fixed returns. In addition, SYRUP's market price and protocol use involve risk. Buyback arrangements, governance rights, and past reward distributions only describe related mechanisms and do not constitute guarantees of principal, price, or returns.

Question 8

Why might SYRUP or stSYRUP not appear in a wallet?

Accepted Answer

First confirm whether the wallet shows SYRUP, stSYRUP, or legacy MPL/xMPL. The official FAQ lists the Ethereum contract addresses for SYRUP and stSYRUP; if converted assets do not appear in a wallet, they generally need to be imported as custom assets using those addresses. Importing only affects whether the wallet interface recognizes the balance; it does not convert MPL/xMPL into SYRUP or restore eligibility for a conversion that has ended. The network, token address, and support of the wallet being used should also be checked before taking action.

Question 9

What did key events in the SYRUP migration change?

Accepted Answer

Maple's key changes can be understood in two steps: MIP-010 established the 1:100 MPL-to-SYRUP conversion and caused predetermined issuance and emissions to be minted as SYRUP; then the conversion program governed by MIP-011 ended on April 30, 2025. The first step addressed token migration and the new token's assumption of issuance arrangements, while the second closed the path for legacy tokens to continue entering that system. As a result, current ecosystem governance and staking use are concentrated in SYRUP and stSYRUP, while legacy MPL/xMPL no longer have those functions.

Question 10

Why should expected supply not be equated with real-time circulating supply?

Accepted Answer

An expected supply disclosed for a particular period should not be treated directly as current supply or circulating supply. Maple's tokenomics documentation once provided expected supply through September 2026 based on predetermined arrangements; such figures are forecasts of amounts minted under the issuance plan at that time, not real-time circulating supply. At a minimum, supply assessment should distinguish: SYRUP formed through MPL conversion, newly minted SYRUP under the arrangement, balances not yet allocated or subject to restrictions, and balances actually available for trading. These different measures cannot substitute for one another.

Question 11

How do regional restrictions affect SYRUP staking and other yield services?

Accepted Answer

Governance participation and yield-oriented lending products are activities at different levels. SYRUP/stSYRUP are primarily positioned for governance and related staking arrangements; certain jurisdictions restrict institutional lending yield, but the official FAQ states those restrictions do not affect SYRUP staking and governance participation. This does not mean that every product is available in every region. Users must still determine whether they can use a particular lending or yield service based on rules where they are located and the specific product terms.

Question 12

How are Drips converted to SYRUP?

Accepted Answer

Drips is a reward-record mechanism associated with SYRUP distributions, not a balance instantly convertible at a fixed ratio. Official information states that the ratio for converting Drips to SYRUP is announced at the end of each Season; Drips accumulated during that Season are calculated using the conversion relationship fixed at season end. Accordingly, the number of Drips itself cannot be treated directly as a certain amount of SYRUP or immediate yield. To determine the final claimable SYRUP, users need to wait for the conversion announcement for the relevant Season and meet that period's claiming arrangements.

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